Resplendent Global Limited signed a letter of intent to acquire an additional 35.47% stake in Kin Yat Holdings Limited (SEHK:638) on March 27, 2024. A cash consideration valued at HKD 0.72 per share will be paid by Resplendent Global Limited. Upon completion, Resplendent Global Limited will own 93.1% stake in Kin Yat Holdings Limited. The transaction will be financed through senior debt of HKD 112.6 million from Shanghai Pudong Development Bank Co., Ltd.

The transaction is subject to approval of offer by target shareholders and cancellation of options/warrants. SPDB International Holdings Limited acted as financial advisor for Resplendent Global Limited. Honestum International Limited acted as financial advisor for Resplendent Global Limited.